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Payments General

Spain embraces gpi for cross-border payments

Thursday 21 March 2019 | 11:11 AM CET

Six Spanish banks have adopted the SWIFT global payments innovation standard for cross-border payments.

Banco Sabadell, Banco Santander, Bankinter, BBVA, Caixabank, and Grupo Cooperativo Cajamar are all live on the service and are actively using SWIFT gpi for their cross-border payments.

SWIFT gpi improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Cross-border payments, totalling over USD 300 bln, are sent every day using the new gpi standard. Payments are made typically within minutes, even seconds. For banks, SWIFT gpi delivers cost savings thanks to quicker investigations handling and a reduced number of payment enquiries.

More than USD 40 trillion were transferred over SWIFT gpi in 2018 and rapid adoption saw the share of cross-border messages using gpi reach 56% by the end of the year, a year-on-year increase of 270%. More than 3,500 banks, accounting for 85% of SWIFT’s total payments traffic, have committed to adopting gpi, according to company sources.

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